Britain will not stop the new exploration of oil despite warning the world’s top energy watchdog
May 25, 2021, 3:15 pm

Britain

A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, about 100 miles east of Aberdeen in Scotland, February 24, 2014. REUTERS/Andy Buchanan/pool/File Photo

Noah Browning

The United Kingdom will not commit to halting new oil exploration in the North Sea, a government energy body told Reuters, despite a warning from the world’s top energy watchdog to rein in fossil fuels spending to achieve climate goals.

The UK is due to host the U.N. Climate Change Conference (COP26) in Glasgow, Scotland, in November and commissioned the International Energy Agency (IEA) to chart a path towards net-zero emissions by 2050.

The agency published its findings last week, but its recommendation that fossil fuel investment be halted sits uneasily with a deal the U.K. government reached in March to continue allowing North Sea offshore oil licensing in exchange for pledges to cut emissions.

“We are working hard to drive down demand for fossil fuels, however there will continue to be ongoing demand for oil and gas,” the UK department for Business, Energy and Industrial Strategy said in response to emailed questions from Reuters.

“We will not be canceling licenses that were recently awarded. Any future licenses are only awarded on the basis that they are aligned with the government’s broad climate change ambitions, including the UK’s target of reaching net zero by 2050.”

The UK halted its latest licensing rounds for offshore exploration for technical reasons in March but said they would resume at an unspecified time.

The minister presiding over the COP26 conference, Alok Sharma, welcomed the IEA’s findings. Sharma last week said that the Paris-based watchdog’s report shares many of the UK’s priorities, including its desire to “consign coal power to history.”

A joint communique by the G7 group of the world’s largest advanced economies, including the UK, last week pledged “to phase out new direct government support for carbon-intensive international fossil fuel energy, except in limited circumstances at the discretion of each country.”

The Oil and Gas UK (OGUK) industry body said it agreed with the IEA’s call for more investment in renewable energy but that continued exploration under government scrutiny of emissions was in line with climate goals and supports UK jobs, the economy and energy transition.

“Stopping local exploration would be a major drawback for the energy transition under way,” said OGUK Sustainability Director Mike Tholen.

(Additional reporting by Shadia Nasralla Editing by David Goodman)

Reuters, May 25, 20212:52 PM EEST

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.